State reaches settlement with SoMoLend, but future uncertain

6:37 PM,
Feb. 12, 2014

Candace Klein

Written by

Ohio's Division of Securities has reached a settlement with SoMoLend Holdings, LLC, the local startup that connects small businesses seeking loans with individual lenders and institutions.

The state said the startup conceded to some findings of its June 14 notice of intent to issue a cease and desist order against SoMoLend, including unregistered sales of SoMoLend securities, selling unregistered securities through its platform, and failing to secure the necessary federal and state licensure as a broker-dealer.

The Division of Securities said it made no finding on its allegations ...